The Rodeway Inn & Suites is a Gold Award winning small market hotel, located in central KS near the Junction of KS Hwy 4 and highly traveled US Hwy 281. 281 stretches from Mexico to Canada, and is one of longest routes of its kind in the country. The property is currently enjoying RE tax abatement until 2020, through a nontaxable bond issue and a leasehold interest with the City of Hoisington. It reverts to fee simple title in 2020 when the bonds retire, or the bonds could be retired early to provide fee simple title. The property has enjoyed steady annual increases in room revenue, including YE 2017. It is now offered at less than $28K per key which is very rare for a new property. It also features an elevator which is unusual for a small property in a small town.
There are a number of local demand generators in the area, many related to the outdoors. The area is noted for its extensive outdoor activities, including deer, pheasant, quail, duck and goose hunting. Hoisington is known as the Gateway to the Cheyenne Bottoms, which is the largest interior wetland marshes in the country. It covers over 41,000 acres and 45% of the nation’s migratory shorebirds pass through the “Bottoms”, via the Central Flyway. This collection of waterfowl and shorebirds attracts birdwatchers from all over the world. It is not unusual for the Bottoms to be closed for a few days for hunting as Whooping Cranes make their way south on their migration. Moreover, it is a migratory stop for hundreds of thousands of ducks and geese, which also attract hunters from all over the country.
Barton County Community College in Great Bend, KS is only 10 minutes away and Ft. Hays State University is about 60 miles. I-70 is only 30 miles to the north. Local businesses include Superior Essex, KS Brick & Tile and Roto-Mix. Essex and Roto-Mix sell market and products internationally.
Many hotels are marketed with the phrase “ideal for onsite owner-operator”, but this one truly fits the description. Or it could add to a regional portfolio.
Either way, it is highly unusual to see a newer hotel offered at 50% of replacement costs. If you visit, you will find a very nice property when you visit and will be pleasantly surprised.